Applebee's stands alone

NYNY

When Applebee's opens in Coney Island in May, it may not have much competition, at least initially. Surf Avenue, where restaurateur Zane Tankel is developing a $3 million Applebee's franchise, took a beating during Superstorm Sandy. Many retailers, including Nathan's Famous, the flagship of the iconic hot-dog chain at 1310 Surf Ave., remain closed.

"There are only one or two stores that have reopened," said Mr. Tankel. He signed a lease for the 10,000-square-foot space about two months before the storm. Though the building, which had been empty for several years, did not flood, Mr. Tankel's design plans are now focused on ways to seal the entrance to avoid water damage in the future.He is also considering several ideas to make the restaurant a destination in the neighborhood, including a huge fish tank that would separate the dining room from the bar area and a second-floor patio with a long fireplace "to keep you warm as you look out at the ocean during the colder months."

—Lisa Fickenscher

Art boom proves boon

Those who are short on cash but long on Warhols have proved to be a boon to Borro.

The company, which provides personal short-term loans collateralized by assets like fine art, jewelry and luxury cars, opened an office in Manhattan a year ago and lent out about $10 million in 2012. It took Borro roughly two and a half years to reach that level in Britain, where it was founded in 2008. In the U.S., about 55% of the loans' value are derived from fine art, compared with 25% in the U.K., where jewelry and watches account for half the loans' value."I think people just have more art here," said Paul Aitken, Borro's founder and chief executive. He adds that there is also a tradition of lending against art in the U.S., where private banks have long provided the service. However, those banks typically will make loans for more than $1 million only, while Borro won't go beyond that amount.Mr. Aitken said the service is attractive for a few reasons. Borro can make loans more quickly than banks and provides faster access to cash than selling a piece of art at auction. And if anyone defaults, the transaction doesn't appear on a credit report. Borro just sells the item used for collateral. So far, it has kept about $100,000 worth of art when borrowers didn't repay their loans.

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